- The cryptocurrency market today appears stagnant in the red zone. However, the performance of some tokens is dazzling. The native token of the Celsius Network, CEL, is drawing attention with a 72% increase within the day. Moreover, the altcoin price has recorded an increase of more than 230% within the last week. So, what’s behind this rise?
- This altcoin dazzles with its rallies! As you follow from CoinOtag, the market is going back and forth in the red zone today. However, some cryptocurrencies are challenging the downturn by diverging from the market. Moreover, they are pushing the boundaries of the sky. The native token of the Celsius Network, CEL, attracted attention today with an increase of over 72% daily. In addition, the token experienced a surprising price increase of 230% last week. This drew spotlights on it across the broader crypto industry.
- At the time of writing, the altcoin price witnessed a 72% increase in the last 24 hours. CEL is currently trading at $0.9293. The market value of the token increased by 72% to $222 million. Also, CEL’s 24-hour trading volume reached $74 million with a notable increase of 132%.
CEL, the native token of the Celsius Network, is making waves in the crypto market with a surprising price increase of over 230% in the last week. Experts attribute this rise to a significant burn initiated by the token recently.
Celsius Network Burned 94% of Supply
Firstly, experts attribute this price increase to the significant burn the token recently initiated. This rally fueled additional market optimism on the token, riding on the back of other bull market statistics. Let’s take a closer look at what triggered CEL’s extraordinary recent price increase and current price movements.
CEL Price Movement and Derivative Data
Another factor that sets Celsius’s price increase apart from others is its challenge to current broad market trends. Despite the market’s increasing volatility, on-chain data underscores CEL’s bullish stance. This further increased the token’s appeal for crypto market participants.
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Conclusion
CEL’s recent price surge, fueled by a significant token burn and defiance of broader market trends, has drawn the attention of the crypto industry. However, investors should be cautious as the token may be overbought, potentially setting the stage for a price pullback or correction.
